The Telegraph report that Saudi Arabia secretly upped production to 9.8m bpd to increase the war with US shale producers. It’s the highest level of output since October last year and 300bpd more than what is measured by OPEC.
Livesquawk have also reported that the Saudi oil minister has met with Russian and Norwegian counterparts but there’s no details yet on what was discussed. I bet it wasn’t the weather though.
As far as OPEC head Abdallah Salem el-Badri and the Iraqi oil minister calling this the bottom in oil, they need to have a word with the Saudi’s before making such calls and this news will keep oil firmly offered.
